Bromford Industries targets fresh growth after securing £20m finance facility
BIRMINGHAM-based aerospace supplier Bromford Industries is targeting renewed growth after securing a new £20m asset based finance package.
Bromford, which supplies performance-critical parts for engines and landing gears as well as serving the international gas turbine market, has agreed the deal with lender Bank Leumi.
Bromford will partly use the funding to purchase new state-of-the-art multi-tasking machines, which will support the delivery of some of its most significant customer contracts, including a 10-year agreement secured last year with global aerospace giant Messier Bugatti Dowty. The $60m deal is to supply components and sub-assemblies for landing gear for the Airbus A350.
The multi-tasking machines each weigh 14,500kg, and comprise 5-axis mill and turn automated manufacturing capabilities. The technology enables high-efficiency and more robust machining of super alloys and exotic hard metals including titanium, which is widely used by Bromford in the production of aerospace structural components.
The first machine has already been installed and is currently being used to fulfil customer orders, with further machinery expansion planned for the future, in-line with growing customer requirements.
Mike Smith, Chief Executive of Bromford Industries, said: “Since acquiring Bromford Industries in 2009, the business has evolved and responded to ever changing business demands. As we enter the next phase of our development it is essential the business is structured so as to best take advantage of future growth opportunities and one of the key considerations was our banking facilities.
“The Bank Leumi team have demonstrated their commitment to helping us realise our growth ambitions and moving our banking facilities to them will enable us to deliver on our expansion strategy. This further supports and underpins our desire to be the manufacturer of choice to both existing and new customers, whilst demonstrating our continued commitment to invest in technology which allows us to operate in a global arena.”
Martin Risman, Regional Sales Director of Leumi ABL, added: “We recognise that a business of the quality and reputation of Bromford needs a commercial and responsive funding partner with detailed sector knowledge. We very much look forward to working with their highly committed management team to achieve their goals in the future.”
Bromford, which has a blue-chip customer base including Rolls-Royce and Siemens, operates from four sites across the Midlands in Birmingham, Leicester and Alcester. It employs around 300 people.
